All Forum Posts by: James Gates

James Gates has started 4 posts and replied 191 times.

Originally posted by @Tony Robinson:

Adding @James Gates to this thread as he has a few rentals in that market!

Hey Tony, thanks for the mention on the thread!

My partners and I own some rental in Huntsville, and I will be in town the weekend before Thanksgiving to check on a few projects, if you are in town we need to grab a beer! We don't focus too much on multifamily but I would love to help in any way that I can.

Cheers!

-James

2 Votes

Welcome to BP @Monica Sutton! I am totally with you that CA is prohibitively expensive as a first-time investment. My partners and I BRRRR out-of-state for this reason. Have you looked into any potential markets?

I also host a real estate meetup about once a month in Riverside. You just missed the last meetup but it would be awesome if you could make it to the next one and meet a few other local investors! DM me if you are interested.

Cheers!

-James

1 Vote

Going to be another great event!

0 Votes

As other posters have said, newer "smart" locks can be a great investment in both saving $ and time for future tenants/turnovers. On my out of state properties, if I can't put on a smart lock easily, a local locksmith charges $99 to rekey up to 6 locks.

1 Vote

Originally posted by @Debbie Holland:

I invest in Southern California, more specifically the Perris, Moreno Valley and Hemet areas of Riverside County. This area is one of the most volatile real estate markets in the entire country. Median home values in this area went from $80k in '00, to $400k in '06, to $140k in '09, to 320k today. Due to it's volatility, this market has been extremely good to me. However, I am seeing the writing on the wall and have taken and am currently holding a cash position. I wanted to see what other investors thoughts are about the market.

Hey Debbie, I am in those areas as well but we invest out of state in more stable linear markets. Money can certainly be made in the IE, but the volatility is incredible. I am not a fan of "timing" the market (time IN the market vs timING the market), but transferring equity from a cyclical to a linear market could be correct from your position.

If you are interested in discussing more of this in person we have a IE Real Estate meetup This Saturday at 10am in Riverside, message me for details!

-James

0 Votes

Looking forward to seeing everyone!

1 Vote

Originally posted by @Rosemary Novak:

@James Gates

Hello James,

Great story, very inspiring for a newbie investor like myself. I am just beginning my real estate education and am very interested in the BRRRR method. I am a little confused on the first beginning steps though. To buy the townhome In Alabama did you use your own saved up money or did you find a lender? If you could explain the beginning process of BRRRR I would appreciate it greatly. Also, are there any articles or books that you read when you were getting started ?

Hey Rosemary,

To originally purchase the home, I used a combination of my own money (HELOC -- pulled out equity ("cash") from my primary home) and a partnership. The lender comes into play after six months when we do a cash-out refinance to pull our money out of the rental property.

I would highly recommend checking out David Green's (BiggerPockets Podcast co-host) book on Out of State Rental Property Investing as well as his BRRRR book! They are both fantastic.

0 Votes

Originally posted by @Gaby Liu:

James ,your post so inspiring!I m also in CA and looking for buy out of state to use BRRR strategy.

I have two question about your journey

1.how to do you find the partner? is the partner in the local where your purchases are?

when you mean partner ,is the partnership like you both pay 50%/50% on the initial fund to buy a property and share the profit afterwards?I m still confusing about when people talk about partner, I need a partner too, but now sure the partner really means and how to function.

2. how do you find the wholesaler ?

all the properties I can search are on MLS or turnkey companies.

where do you find wholesaler to buy off markets deal?
thank you!;)

Hey Liu,

My first partner was a good friend of mine growing up, and we reconnected when discussing and learning about real estate investing.

Partnerships can be done a lot of ways, for my main business partner we split everything 50/50 and contribute 50/50, but I have also worked with partners where they put up the $ in exchange for some % of equity, or some % return. It is all in how you manage the deal and what the goals of the partnership are.

2) MLS deals are harder to find these days, but by connecting with individuals on BiggerPockets and networking you can find wholesalers and agents that are actively looking for investment properties for out of state clients.

0 Votes

Originally posted by @Arya Jackson:

Awesome cash out! Love you story and pics!

Thanks Arya!

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Originally posted by @Adekunle Ilori:

Congrats James on your first deal. Are you looking to do multi unit property with BRRRR? Thanks for sharing details of your deals. You also stated the power of networking and relationships with other investors

The goal right now is to build a portfolio of Single family in an area I see immense potential in, and then 5-7 years (appreciation, principal paydown) down the line 1013 exchange them into a larger multi-family property.

I can not stress enough the power of networking and partnering. It has allowed exponential growth.

0 Votes

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All Forum Posts by: James Gates

James Gates has started 4 posts and replied 191 times.

Post: Best area in Huntsville for Multi-Family

Post: Newbie Investor in Southern California

Post: Real Estate Investor Meet Up Riverside Ca

Post: Cost of Changing Locks?

Post: Taking a Cash Position and Awaiting the next Dip?

Post: Riverside Investor Meetup

Post: FIRST BRRR Complete! Details + Pictures!

Post: FIRST BRRR Complete! Details + Pictures!

Post: FIRST BRRR Complete! Details + Pictures!

Post: FIRST BRRR Complete! Details + Pictures!